Australia's technology stocks track Wall Street lower, hit 2-year low

TECHNOLOGY ONE

04/02/2026 24:31

** Australian technology stocks .AXIJ fall as much as 7.3% to their lowest level since February 7, 2024

** Wall Street ended lower overnight, with Nasdaq declining 1.4%, as investors worried about AI creating more competition for software makers .N

** Accounting software maker Xero XRO.AX and TechnologyOne TNE.AX among top laggards on the benchmark index .AXJO, which is down 0.2%

** Xero falls 13.2%, TechnologyOne down 8.4% and logistics software maker WiseTech Global WTC.AX drops 8.6%

** Sub-index down 16.1% so far this year

 (Reporting by Sherin Sunny in Bengaluru)

 ((Sherin.Sunny@thomsonreuters.com))